Nigerian government hints at likely petrol price increase

- The Nigerian government has complained about the increase in the price of crude oil in the international market

- The minister of state, petroleum resources, Chief Timipre Sylva, explained why the increase may affect Nigerians

- Sylva stated that the current administration no longer practices the subsidy regime

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

Nigerians may soon be expected to pay more for consuming petrol, according to the minister of state for petroleum resources, Chief Timipre Sylva.

He said citizens should be ready to bear the pains of increased petrol pump price as crude oil price climbs above $60 per barrel.

The Nation reported that Sylva made the statement on Tuesday, February 9, at the official launch of the Nigerian Upstream Cost Optimisation Program.

The minister said the Nigerian National Petroleum Corporation (NNPC) cannot continue to bear the burden of rising oil prices.

Read also

Petroleum minister gives update on oil discovered in northeast, says exploration will begin soon

He said:

"'Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60.

“As desirable as this is, this has serious consequences as well on product prices. So we want to take the pleasure and we should as a country be ready to take the pain.''

According to Vanguard, the minister explained that there is no provision in the 2021 budget for fuel subsidy.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

He said:

“As a country, let us take the benefits of the higher crude oil prices and I hope we will also be ready to take a little pain on the side of higher product prices.''

Legi.ng recalls that the organised labour and the Nigerian government have had several industrial disputed over the hike in the pump price of petrol.

Read also

Cryptocurrency: Atiku sends message to Buhari, says don’t shut it down

In another news, the Ajaokuta-Kaduna-Kano natural gas pipeline launched on Tuesday, June 30, 2020, will soon be ready.

An ardent supporter of President Muhammadu Buhari, Omasoro Ali Ovie has revealed that workers assigned to the project used the lockdown period to attain 15% completion of the mega facility.

Ovie revealed this in a tweet on Friday, January 22, adding that the facility will ensure Nigeria gets an additional 3,600 megawatts of gas-powered electricity.

Source: Legit.ng